Question
Assessing Financial Statement Effects of Adjustments For each of the following separate situations, prepare the necessary accounting adjustments using the financial statement effects template. (a)
Assessing Financial Statement Effects of Adjustments
For each of the following separate situations, prepare the necessary accounting adjustments using the financial statement effects template.
(a) Unrecorded depreciation on equipment is $1,830.
(b) The Supplies account has an unadjusted balance of $8,970. Supplies still available at the end of the period total $3,300.
(c) On the date for preparing financial statements, an estimated utilities expense of $1,170 has been incurred, but no utility bill has yet been received or paid.
(d) On the first day of the current period, rent for four periods was paid and recorded as a $8,400 debit to Prepaid Rent and a $8,400 credit to Cash.
(e) Nine months ago, The Allstate Corporation sold a one-year policy to a customer and recorded the receipt of the premium by crediting Unearned Revenue for $1,872. No accounting adjustments have been prepared during the nine-month period. Allstate's annual financial statements are now being prepared.
(f) At the end of the period, employee wages of $2,895 have been incurred but not paid or recorded.
(g) At the end of the period, $900 of interest has been earned but not yet received or recorded.
Use negative signs with answers, when appropriate.
Balance Sheet
TransactionCash
Asset+Noncash
Assets=Liabilities+Contributed
Capital+Earned
Capital(a)Answer
Answer
Answer
Answer
Answer
(b)Answer
Answer
Answer
Answer
Answer
(c)Answer
Answer
Answer
Answer
Answer
(d)Answer
Answer
Answer
Answer
Answer
(e)Answer
Answer
Answer
Answer
Answer
(f)Answer
Answer
Answer
Answer
Answer
(g)Answer
Answer
Answer
Answer
Answer
Income Statement
Revenue
-
Expenses
=
Net IncomeAnswer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Payroll Accounting 2018
Authors: Bernard J. Bieg, Judith Toland
28th edition
1337291056, 978-1337291057, 1337291137, 9781337291132, 9781337516686 , 978-1337291040
